Kazkommertsbank receives $1.21B in short-term financing
Baku, Azerbaijan, Dec. 26
By Elena Kosolapova – Trend:
Kazakhstan’s Kazkommertsbank has been provided with a 400.8 billion tenge (over $1.21 billion) short-term financing by the National Bank of Kazakhstan, said the message of the national bank.
“The loan is granted in order to ensure additional liquidity reserves for the fulfillment of obligations to customers of the bank,” the bank said.
The financing has been provided due to systemic importance of Kazkommertsbank.
According to the National Bank, to date, Kazkommertsbank had sufficient liquid assets, allowing it to carry out a partial early repayment of the loan. Kazkommertsbank has repaid half of the loans provided by the National Bank earlier.
Kazkommertsbank, created in 1991, is one of the largest commercial banks in the CIS and is the largest by total assets in Kazakhstan. The bank provides a wide range of banking and financial services to corporate and retail clients across Kazakhstan and the surrounding region.
Headquartered in Almaty, the bank services its retail clients through a network of branches in 45 cities across Kazakhstan. Kazkommertsbank also has international banking subsidiaries in Tajikistan and the Russia.
The shareholders of the bank are Central Asian Investment Company, Kazakh millionaire Nurzhan Subkhanberdin, Qazaq Financial Group, and Kazakh National Wealth Fund Samruk-Kazyna.
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